Bowleven has completed a successful initial drill stem test (DST) on the IF-1r discovery.
The initial test perforated 56 feet of formation within the previously identified 200 feet oil column. The well flowed an average rate of 3,371 barrels per day of 36 degrees API oil and 2.65 million standard cubic feet of associated gas per day on a 32/64 inch choke at a well head pressure of 2,291 psia.
The Company is now preparing to carry out a further DST which has the potential to extend the oil column to approximately 400 feet.
A further report on IF-1r activities will be given in the Group Operational update scheduled for release on September 2, 2008. The announcement will be followed by an Analyst presentation at 9 am -- further details will be provided.
Kevin Hart, Chief Executive, commented, "I am delighted by the high productivity demonstrated by the Upper Isongo reservoir sands during this test. The IF-1r oil discovery continues the success of our exploration drilling in Cameroon and further emphasises the quality of the Etinde Permit and the highly prospective nature of the region.
"This first oil discovery on the permit is a significant event for both Cameroon and Bowleven as it confirms the presence of oil in addition to the previously discovered gas and condensate resources on our acreage. While we continue to pursue the development options for our existing gas/condensate resources, our focus will also be on further interpretation of the IF-1r well results including assessing the extent of the IF-1r accumulation and the implications for the entire permit of this exciting new play."
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